17D-011 575 Bridge Rd The Gables wetlands and special permitSI~ ~ Springfield Institution
for Savings
1441 Main Street
P.O. Box 3034
Springfield, MA 01102-3034
413/781-8000
Telecommunications Device
for the Deaf-TDD 746-5727
October 28, 1994
Planning Board
Ciry of Northampton
210 Main Street
-Northampton, MA 01060
,_.----Q.--r
RE ` ~' Th"e Gables C~ondom><nums
~-Letters of~Credt~"No IS~and 17
Dear Members of the Board:
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Reference is made to the above captioned Letters of Credit issued by the Springfield
Institution for Savings for the benefit of the City of Northampton and having expiry dates of
October 26, 1994.
You are hereby advised that the expiry dates of both Letter of Credit No. 15 and Letter
of Credit No. 17 are extended to December 31, 1994.
effect.
In all respects, the Letters of Credit, as amended herein, shall remain in full force and
SPRING
BY;
f~D INSTITUTION FOR SAVINGS
Andrew E. Smith
Loan Workout Officer
w:gabl'Ltr'Cr.aes
City of Northampton, Massachusetts
Office of Planning and Development
City Hall • 210 Maln Street
Northampton, MA 01060 • (413) 586-6950
FAX (413) 586-3726
• Community and Economic Development
• Conservation • Historic Preservation
• Planning Board • Zoning Board of Appeals
• Northampton Parking Commission
Springfield Institution for Savings
P.O. Box 3034
1441 Main Street
Springfield, MA 01102-3034
October 26, 1994
RE: The Gables Condominiums
Letters of Credit No. 15 and 17
Dear Mr. Smith,
As this is the date that the above-mentioned
are to expire, the remaining work has not yet
our office has not received a letter renewing
Credit, I am informing you that:
On October 13, 1994, the Northampton Planning
authorize the Senior Planner to send a letter
Properties, that:
Letters of Credit
been completed, and
the Letters of
Board voted 6:0, to
to SIS/Commerce
"We (the Northampton Planning Board.) have incurred liability
by reason of the failure of the Applicant, within thirty
(30) days of the expiration of Letters of Credit No. 17 and
No. 15, respectively, to complete construction of the
"looped" water line at the project known as THE GABLES-
CONDOMINIUM, 575 BRIDGE ROAD, NORTHAMPTON, HAMPSHIRE COUNTY,
MASSACHUSETTS, in accordance with the plan entitled:
"Utility Plan, Brickyard Hollow, Bridge Road, Northampton,
MA, prepared for Fairway Associates, Inc. by Almer Huntley,
Jr. & Associates of Northampton, Massachusetts", revised
December 1990 to show the "Water Main 'Loop "', (under the
provisions of Letter of Credit #17) a copy of which revised
plan is annexed hereto and that the City of Northampton is
entitled to draw upon the Springfield Institution for
Savings Letter of Credit dated 10/25/90, by virtue that a
breach by the Gables Condominium, Inc. or by Springfield ~
Institution for Savings having failed to cure the default ~
after proper notice and a reasonable opportunity to cure
(under the provisions of Letter of Credit No. 15). The ~
amounts drawn will be held in segregated bank accounts until
the work can be bid competitively. Any excess over the ~
competitive bid price of the work will be returned to the
_.. Applicant. ~' _. - j
ORIGINAL PRINTED ON RECYCLED PAPER